Tue Nov 26 08:54:01 UTC 2024: ## Adani Green Energy Shares Plummet After TotalEnergies Freezes Investments Amid US Indictment

**Mumbai, India** – Shares of Adani Green Energy Ltd (AGEL) plummeted to a one-year low on Tuesday, falling 7.72% to Rs 893, after its French partner, TotalEnergies, announced it would halt further investments in the Adani Group following a US federal indictment against Gautam Adani and his nephew. The stock has lost nearly 37.6% over the past five trading sessions and is now under additional surveillance measures by Indian stock exchanges due to high volatility.

TotalEnergies stated that while the indictment does not target AGEL directly, its code of conduct prohibits any association with corruption. The company, a 19.75% shareholder in AGEL and a 50% partner in joint ventures, will not make further financial contributions until the allegations are clarified. They claim they were unaware of the ongoing investigation.

AGEL, however, clarified that there were no new financial commitments under discussion with TotalEnergies. The company’s financial performance remains weak, exhibiting a negative P/E ratio of 2128.87 and a negative EPS of -0.45. Promoters currently hold a 60.94% stake in the company.

The Adani Group has denied the US allegations as baseless. The situation continues to unfold, and the impact on AGEL’s future remains to be seen.

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